Usb port of my laptop (compaq presario V3000 series) was working properly. But suddenly i noticed that my laptop hangs when it is connected with any storage device (pen drive or camera ). It seems that USB port is probably working well bcoz it does not create any problem when a printer or mouse is connected. CD drive is working fine.

I have uninstalled some newly installed programme or resored the system in earlier point. Please help me

The USB ports on the computer support USB 1.0, USB 1.1, and USB 2.0 devices.
So that's good!

Confirm all drivers are up-to-date here-> http://www.techspot.com/vb/topic100655.html

Troubleshoot USB on your laptop: http://h10025.www1.hp.com/ewfrf/wc/document?docname=c00820529&cc=us&lc=en&dlc=en&product=1817059

Does this happen on all USB ports?

yes it happens on all USB port

Other than checking the links in my post above. (in blue)

Sometimes this fault with USB can be PowerSupply related.
Just not enough power getting to the USB connections.

This can be a result of heat built up with internal dust/debri near (or in) your internal fan, you may need to Clean the fan (or blow out all the dust) and try again.

Kimsland, I had a laptop with a USB issue and it turned out to be the heat related power supply problem that you describe above. Unfortunately, it was not just dust (though that may have been the initial cause) that needed cleaning. I ultimately had to replace the power supply as it was basically fried. Amazing how hot they can actually get when fried, by the way.

Thanks NetCablesPlus, whilst searching for other causes, I noticed that one user stated that removing his battery allowed USB to work. !

So it does lean towards hardware related cause (heat and power at that)

USB is always the first to go